Myths, rumors, and misunderstandings are pervasive in the world of Social Security. On this show, we’ll look to clear up the most common misunderstandings about Social Security, provide some background on the program, and forecast possible changes that could be coming.
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When it comes to Social Security, there’s plenty of information available, but how much of it will actually help you when it comes time to claim your benefits? From all-out myths to slight misunderstandings, any amount of misinformation can negatively impact your retirement.
On this episode of Your Money & Your Life, we’ll dive into Social Security and look at the most common misunderstandings we hear. Don has a great understanding of the program, from its history to its future, and we’ll share that information today so that you’ll be feeling more comfortable with your retirement benefits.
Along with those common misunderstandings, Don also explains how the program began, when cost of living increases first started, and how the program has evolved over the years. Social Security has received a lot of negative attention in recent years as the future of benefits seems to be in limbo, but we’ll also lay out five different changes that could help get the program back on track.
You can listen to the entire show in the audio player above or click the timestamps below to skip ahead to a specific segment.
[0:56] – Happy Thanksgiving!
[2:23] – In the News: Social Security announced benefits would increase by 1.6% to cover cost of living. What are some of the common misunderstandings around Social Security?
[3:37] – Here are the five most common misconceptions that Don hears.
[4:25] – Let’s talk about the idea that Social Security is going broke. It’s been around since the beginning.
[8:20] – How Social Security works exactly.
[10:54] – Here’s how the ages break down for claiming Social Security.
[13:58] – A fact about cost of living increases and how it all began.
[14:45] – How we work with clients to determine the best strategies to maximize benefits.
[15:31] – Most people do need to pay taxes on their Social Security benefits.
[16:02] – How has the current program evolved over the years and is it going broke?
[16:56] – 5 ways that Social Security could change to generate more money.
[19:35] – Getting to Know Don: Any new renovations going on at your house?
Social Security Resources:
The Full Social Security Trustee’s Report – https://www.ssa.gov/OACT/TR/2019/
The Report Summary and proposed changes – https://www.ssa.gov/oact/TRSUM/
6 Ways to Fix Social Security – Kiplinger’s – https://www.kiplinger.com/article/retirement/T051-C000-S002-ways-to-fix-social-security.html
Medicare IRMAA –
Medicare Part B Costs 2019 and 2020 – https://www.medicare.gov/your-medicare-costs/part-b-costs
Medicare IRMAA Appeal Form – https://www.ssa.gov/forms/ssa-44-ext.pdf
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Phone: (732) 784-2867
Donald W. Cash – CPA, CFP® is an independent advisor. Don began his career in 1985 as an accountant after graduating Rutgers University. In 1990 he entered the field of Estate Planning with a concentration in long term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs. He advoctaes a holistic approach to Estate and Financial Planning as has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers. Don is married to Cathy and have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.